The Asian Development Bank (ADB) and the Government of the United Kingdom have signed an agreement to develop a £107 million ($128 million) trust fund.
The fund will support efforts by Association of Southeast Asian Nations (ASEAN) countries to scale up green financing and shift to low-emission, climate-resilient development.
The UK–ASEAN Catalytic Green Finance Facility (ACGF) Trust Fund will leverage U.K. and ADB funds to accelerate a pipeline of low-carbon and climate-resilient infrastructure projects, and catalyze financing from public and private capital sources.
“We are facing a climate crisis and Southeast Asia needs rapid and innovative solutions to help countries raise financing to deliver their climate targets and ambitions,” said Masatsugu Asakawa, president at ADB. “This new fund will build on a longstanding UK-ADB partnership through an innovative revolving fund structure that will mobilize public and private funds and build a robust pipeli